CBRE Arranges $11.1 Million Sale of Kearny Mesa Office Property in San Diego

CBRE arranged the $11.07 million sale ($323 per sq. ft.) of a 34,315-sq.-ft. office property at 5625 Ruffin Road in San Diego’s Kearny Mesa submarket to Wheelhouse Credit Union.

CBRE’s Matt Pourcho represented the seller, FCAW Propco LLC, in the transaction.

“5625 Ruffin Road offered a compelling owner-user opportunity in Kearny Mesa, combining a central San Diego location with an extensively improved office property and flexible occupancy options,” said Pourcho, an executive vice president at CBRE. “The transaction demonstrates the appeal of well-located, high-quality office assets to owner-users seeking long-term control of their real estate.”

Located near the northwest corner of Ruffin Road and Chesapeake Drive, the two-story property totals 34,315 sq. ft. Amenities include an on-site bistro with indoor and outdoor seating, a conference center, showers and lockers.

Built in 1987, the property has undergone extensive improvements, including a new roof and replacement rooftop HVAC equipment in 2023, restroom improvements, elevator upgrades and refreshed lobby and corridor finishes.

The property is centrally located in Kearny Mesa with access to Interstate 15 and State Routes 52 and 163.

According to CBRE research, overall office vacancy fell to 14.3% in the third quarter, while San Diego office leasing activity totaled 1.2 million sq. ft. during the quarter. Central San Diego accounted for 52.3% of total leasing activity, and the market’s average asking rent was $3.51 per sq. ft. on a full-service gross basis.